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Patrick J. O'Keefe Provides Insight on October Employment Report


On November 4, the U.S. Department of Labor released the October employment report, which indicates that the unemployment rate dropped to a six-month low of 9% from the previous month's 9.1%. The economy added 80,000 jobs.

Patrick J. O'Keefe, J.H. Cohn's director of economic research, is providing insight on the latest employment data in several media outlets.

Pat was quoted in the Los Angeles Times where he pointed out, "Employers are riding a turtle when we were hoping they'd get on a Thoroughbred." Click here to read the article.

On CNBC.com, Pat reacted to the report, saying: "Significantly below consensus, and I was actually expecting something better than consensus, so this is another disappointing month. That it is this small at this point in the recovery is an indication that this is a recovery of turtles, not a recovery of greyhounds." Click here for the article.

In advance of the report's release, he spoke to CNBC Asia's Squawk Box about the expectations. When asked if there is any light at the end of the tunnel in this jobless market, Pat said, "The light at the end of the tunnel may be the locomotive coming at us in terms of another financial crisis starting in Europe." He also noted that the economy is producing very few jobs relative to what it should be doing at this phase of recovery. Click here to view the interview.

Today, Pat is also scheduled to be on Bloomberg Radio's "Hays Advantage" and The Wall Street Journal. He is also being interviewed by Bloomberg News.

Published date: 11/4/2011

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